It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Garlic Herb Steak & Potato Foil Packs
Garlic Steak & Potato Foil Packs – A quick, delicious and nourishing meal perfect for any occasion! The garlic and herb butter sauce adds so much flavor and keeps your steaks super juicy! No pans to wash up afterward, what not to love?
INGREDIENTS LIST FOR THE GARLIC STEAK & POTATO FOIL PACKS
- 2 lbs (900g) flank steak, cut into strips
- 2 lbs (900g) baby Yukon potatoes, washed and quartered
- 2 tablespoons fresh parsley finely chopped
- 1/2 cup butter, melted
- 4 cloves garlic, finely minced
- 1/4 cup fresh chopped parsley
- 1 teaspoon Italian seasoning
- Juice of 1/2 lemon
- 1 teaspoon crushed red chili pepper flakes, optional
- Salt and fresh cracked pepper, to taste
- Grated parmesan, for garnish
- The steak marinade
- 2/3 cup low sodium soy sauce or coconut amino
- 1/4 cup olive oil
- 1 tablespoon hot sauce of your choice, optional (we used Sriracha)
- 1 small crumbled bouillon cube, optional
DIRECTIONS
1. Prepare the steak marinade: In a bowl or Ziplok bag, combine soy sauce, hot sauce, olive oil, and bouillon cube. Mix with the steak strips and let marinate for 30 minutes to overnight in the refrigerator.
2. When ready to cook, preheat your oven to 430°F (220°C) . Combine melted butter, lemon juice, fresh parsley, minced garlic, Italian seasoning, hot sauce and crushed chili pepper flakes in a small bowl.
3. Tear four or six 15-inch (40cm) pieces of heavy duty foil. Divide marinated steak strips and potatoes on the foil sheets. Drizzle generously with the garlic butter sauce, and season with salt and pepper.
4. Fold up the sides of the foil over the steak and potatoes, pressing the seal tightly to prevent any juices from spilling out. Transfer the packs on a baking sheet or a tray and bake for 20-25 minutes. You can open foil packs being careful of trapped steam, and broil for 3-4 minutes, until charred. Open carefully and sprinkle with grated parmesan and fresh parsley. Enjoy with more of the garlic sauce, if you like!
Notes:
- Cooking time will largely depend on the size of your potatoes. If you like your steak well done, slice it in smaller pieces. And the reverse is true: The bigger you cut them, the juicier the steak will be once it’s done. It is best you use a cut of steak that will stay tender during the cooking process. Flank, eye fillet, ribeye, porterhouse, top sirloin…
- You can parboil the potatoes 8 minutes to speed up cooking time.
- You can cook you foil packets on the grill, approximatively 7 minutes on each side, until potatoes are cooked through.
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